The budget’s main aim was to deliver money back to individuals and businesses with the goal of providing a buffer against recent cost of living increases.
Here, we take a look at how Budget 2023 affects small businesses and the self-employed:
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Personal Tax Credit has increased to €1,775.
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The Employee Tax Credit has increased to €1,775.
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Earned Income Tax Credit will also increase to €1,775.
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Single persons standard tax band has increased to €40,000.
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Married persons standard rate band increases up to €49,000 (with a further increase of up to €31,000).
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A Temporary Business Energy Support Scheme was announced.
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Introduction of three €200 Energy Credits for consumers.
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Employers small gift exemption increasing immediately from €500 to €1,000 - 2 vouchers may be granted by an employer in a year.
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VAT for hospitality and tourism sector to return to 13.5% on 01 March 2023.
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Expense allowance for landlords’ pre-letting expenses has doubled to €10,000.
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Introduction of Rent Tax Credit of €500 for tenants.
For the full TaxAssist Accountants Budget Summary, please click here.
For a 2023 Tax Rate Card, please click here.
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